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Stocks are surging — Dow up 285

India rocket launch June 30
India rocket launch June 30

(AP Photo)

Stocks opened higher after four consecutive down days last week marked one of the worst weeks for the market this year.

Near 12:50 p.m. ET, the Dow was up 285 points, the S&P 500 was up 24 points, and the Nasdaq was up 48 points.

It's a huge day for the biotech industry, with four deals announced before the market opened. Cellular Dynamics, which is being acquired by Fujifilm Holdings, opened over 100% higher, trading around $16.40 a share.

In economic data out earlier, personal income rose more than expected in February, while spending rose less than expected, and consumer prices increased in-line with estimates. Expectations were for income to rise 0.3% while spending was expected to increase 0.2%.

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Pending home sales smashed expectations, gaining 3.1% in February versus the 0.3% expected.

And, the Dallas Fed manufacturing index fell to -17.4 in March from -11.2 in February, missing the expectation of a -9 reading.



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